Final answer:
Entrepreneurs perform four main managerial functions: planning objectives and actions, organizing resources and roles, leading and motivating the team, and controlling performance to align with goals.
Step-by-step explanation:
The managerial functions of an entrepreneur are critical to the successful creation and growth of a business. These functions can be grouped into four broad categories:
- Planning - This is the process where the entrepreneur sets objectives and determines the actions necessary to achieve them. Planning involves forecasting, setting goals, and developing strategies to navigate the business environment.
- Organizing - Organizing involves establishing the internal structure of the business, defining roles and responsibilities, and allocating resources efficiently to implement plans.
- Leading - The entrepreneur must motivate and influence employees to pursue organizational goals. Effective leadership requires clear communication, providing direction, and fostering a positive organizational culture.
- Controlling - This managerial function involves monitoring performance, comparing it with established goals, and taking corrective action when necessary to ensure the business stays on track.
Entrepreneurs are the key contributors to economic growth by combining factors of production to create value-added products or services desired by the market.